As of last Fall, I was officially a homeowner. My wife and I purchased a 3 bedroom rambler with a rental unit in the basement. The interior was very outdated and in need of some small upgrades, and overall the home needed a little TLC. Besides getting the rental unit ready, we have spent a lot of time working on the house and will continue to spend a lot of time working on it. While it has been fun doing all the upgrades and learning a lot about home improvement and maintenance, there is another housing alternative that has it’s own set of pros and cons: condos.
Condos were not in our search criteria when we were looking for home. Neither were townhouses. Condos have some distinct advantages over other housing options, though, and depending on where I was at in life I would definitely consider living in one. Some of these advantages are:
- No Lawn/Yard Maintenance – Anyone who owns a house with a yard knows that you will spend countless hours maintaining it. While some people really enjoy this, others would rather not have to deal with any sort of lawn or yard maintenance. Condos allow you to not have to deal with this responsibility.
- Ownership – Condos can be comparable to apartments, but the biggest advantage of condos is that they are similar to a house in that you build equity in them over time or (if you can afford it) own them outright through a cash purchase. A big reason people stop renting is to have more space and to start building equity. Condos definitely have the equity piece covered. There are a lot of advantages of owning versus renting.
- Location – It’s no surprise that some of the most stunning condos are located near large cities. I don’t know about you, but I like watching shows like House Hunters, House Hunters International, and Selling New York. Some of the condos on these shows are absolutely amazing. Even the ones that are relatively affordable, i.e. less than $400k look pretty amazing. The biggest benefit to condos in my opinion is their location. Not only can you have a great home but you also can take a 2 minute walk to restaurants, bars, gyms, and many entertainment options.
- Amenities – While you will certainly have to pay monthly fees to have amenities, they might be worth the expense. Many condos, such as New Condos Old Montreal have amenities like a spa and gym. These can be excellent time-savers and great sources of relaxation after a long day. I know I wish I could take an elevator in my house down to a swimming pool and hot tub – and not have to maintain it one bit!
There are some disadvantages that come with condos, though, that should be taken into consideration before purchasing one:
- Association Fees – All those amenities are going to cost you: monthly association fees are essentially “sunk” costs, and they can change over time. If the association decides it’s time to upgrade the hallways, you are going to be on the hook. Fees also can get high quick if you do have an apartment with amenities.
- Lack of yard space – While some condos have green spaces and outdoor rooftops that allow residents to enjoy the outdoors, there is definitely less outdoor space than you would get if you owned a home. Additionally, if there is outdoor space besides a balcony, you have to share with other residents.
- No escape from the city – One reason people move to the suburbs is to get away from the city after a long workday. When you live in a condo you never really escape the city (assuming your condo is located in or near a large city). This can be a deal-breaker for some individuals, though many condo owners specifically seek out condo ownership so that they don’t have to commute as far from work to home and back.
Even with some of the disadvantages, condos can be great alternatives to apartments and stand-alone houses. Whether you are a young adult who wants to be close to the city and social scene or a professional who works too many hours to deal with home maintenance, a condo may be right for you.
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Photo by edkohler
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Great post, DC. I know that condos can be really great, especially for those who work and like to play in the big cities, and the amenities often are great, aren’t they?
I’ve got to tell you DC, the lawn work itself my be worth it. I hate tinkering outside with a lawn. Unfortunately I have to do ours or they will do it for me and charge us! Good thing the yard is half burnt up from the Texas heat! lol